This book explores various regulatory, legal, and competitive pressures that the U.S. securities industry is facing as a result of the intense regulatory scrutiny of the modern electronic marketplace.

This collection of previously published and unpublished materials includes the following articles and white papers: 1. 20 Predictions for the Future of the Market Structure Crisis 2. Deconstructing Maker-Taker 3. Reigniting the Order Type Debate 4. The Problem of Fragmentation and Potential Solutions 5. HFT Regulation and Market Structure Reform 6. Leveling the Playing Field: Lit and Dark Trading Venues7. Protecting Customers and Achieving Best Execution: Issues for Retail and Institutional Brokers 8. Litigation and the Impact of Enforcement: The Market Structure Perspective 9. Public Comment Letter on Several Order Type-Related Modifications Proposed by the New York Stock Exchange 10. The Flash Boys Lawsuit: The End of the Beginning?